{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivatives": true,
        "swaps": false,
        "inverse": false,
        "replication_method": "synthethic",
        "complex_factors": [
            "Derivatives usage for replication",
            "MSCI USA Prime Value Advanced Target Select 100% Hedged to GBP Index (Net Total Return)"
        ],
        "classification": "complex",
        "supporting_data": "The ETF is a UCITS ETF but uses derivatives not just for efficient portfolio management but to gain proportionate exposure to the index, particularly where direct investments are not possible or efficient. The fund replicates the MSCI USA Prime Value Advanced Target Select 100% Hedged to GBP Index (Net Total Return), which although an equity index introduces complexity in replicating it. This derivative usage and synthetic replication makes it difficult for retail investors with basic knowledge to understand the ETF's structure, risks, and payoff.  The ETF reduces the impact of currency fluctuations by selling foreign currency forwards at one month forward rate in line with the currency version of the Index. Hedging reduces the effect of the fluctuations in the exchange rate between the currencies of the equity securities (i.e. shares) that make up the Index and GBP, the currency of the Share Class."
    }
}